LVMH Chairman Arnault in Seoul as Korea’s presence in luxury goods market grows

Bernard Arnault, founder and chairman of the LVMH, first row, third from the left, at the AVENUEL on Mar. 20. [Photo by Yonhap]

Bernard Arnault, founder and chairman of the world’s largest luxury group LVMH Moët Hennessy Louis Vuitton SE (LVMH), arrived in South Korea on Monday for a three-day visit to check the local luxury goods market that is projected to exceed 9 trillion won ($6.9 billion) in 2024.

On the day he arrived, Arnault visited AVENUEL, a luxury-brand branch of Lotte Department Store, and the duty-free store. He was joined by Lotte Department Store CEO Jung Joon-ho and other LVMH and Lotte Shopping Co. officials.

The world’s richest man was accompanied by his eldest daughter Delphine Arnault, who became the chief executive officer of Christian Dior, a key brand of LVMH, in January, and his second son Alexandre Arnault, an executive at Tiffany & Co.

The LVMH Chairman then visited the main branch of Shinsegae Department Store and LVMH brand stores, including Louis Vuitton. He was joined by Shinsegae Co. CEO Son Yung-sik. Arnault also toured Shinsegae Duty Free inside the department store.

It is the first visit by Arnault in more than three years. His last visit was in October 2019.

Arnault also headed to Dior’s pop-up store in Seongsu-dong, eastern Seoul, which has gained huge attention for reproducing the boutique at 30 Avenue Montaigne in Paris, France.

Arnault visited the Galleria Luxury Hall in Apgujeong-dong, southern Seoul, and met with Hanwha Gallery CEO Kim Eun-soo.

On Tuesday, he is known to visit The Hyundai Seoul and Hyundai Department Store’s Pangyo branch in Gyeonggi Province. He will also head to the Gangnam branch of Shinsegae Department Store in southern Seoul.

As part of his private itinerary, Arnault is known to be visiting the Leeum Museum of Art on Tuesday as he is an old acquaintance of Hong Ra-hee, the museum’s former director, and the mother of Jay Y. Lee, executive chairman of Samsung Electronics Co., sources said.

They will be joined by Hong’s two daughters, Hotel Shilla President Lee Boo-jin and Samsung Welfare Foundation Director Lee Seo-hyun.

Arnault is accompanied also by Louis Vuitton Chairman and CEO Pietro Beccari and other brand CEOs.

Industry insiders note that Arnault’s visit comes as he intends to give a greater focus on Korea, the world’s 10th-largest luxury goods market that is projected to exceed 9 trillion won in 2024.

Sales of Louis Vuitton Korea reached 1.5 trillion won in 2021, up 40.2 percent from a year ago and 87.1 percent from two years ago.